Managing Your Rental Property Finances with Benjamin Elbaz from Clearing

podcast_benjamin

By The Hospitable Team

Are you tired of the endless spreadsheets, confusing tax requirements, and the overall headache that comes with managing your vacation rental finances? Well, it’s time to take a much-needed vacation from all that, and we’ve got just the ticket. 

This episode of the Hospitable Hosts podcast covers the world of financial management for vacation rentals with none other than Benjamin Elbaz, the co-founder of Clearing. Whether you’re a host with a single property or managing a vast portfolio, this episode is packed with insights to help you streamline your financial management and save on unnecessary expenses.

Simplify your finances, maximize your earnings, and focus on what you do best.
Ready to transform your approach to vacation rental finances? Dive right in!

Prefer to read the highlights? We’ve got a summary of the key takeaways below.

Automating Financial Processes of Your Short-Term Rental Business 

Clearing is tailored to the needs of short-term rental hosts by design, Benjamin explains: “When you have a few listings, you don’t have the resources and time to manage the finances, and you want a scalable solution… And when you have a couple of hundreds, you deal with thousands of transactions, and you need something automated.” 

Every vacation rental has its financial nuances – from cleaning fees to taxes. Keeping track of these details is essential for ensuring accurate payments to homeowners and calculating commissions. This is where technology and data science step in.

“You need to know exactly how much you need to pay the homeowner… And without tracking the numbers accurately, there’s just no way to do that,” highlights Benjamin.  

Don’t Abandon Your Favorite Tools… Integrate!

Clearing does not act as another tool in the financial toolbox; it’s the toolbox itself. By aggregating every source of data into a single platform, Clearing ensures that every financial detail is tracked and accessible in one place. Benjamin emphasizes the all-in-one approach: 

“Whether it’s the bank account, the credit card, the OTA like Airbnb, the property management system, and other integrations like Stripe… We bring everything into one place, and we do it in an automated fashion.”

The Power of Integrations

Sharing Hospitable’s vision of helping hosts utilize the tech stack they have in place, Clearing doesn’t force you to abandon the existing vacation rental tools. Instead, it enhances them through smart integrations.

  • Leveraging companies like Plaid, Clearing connects to hundreds of financial institutions, ensuring that most bank accounts can integrate with the platform.
  • For direct deposits not handled by major OTAs, Clearing integrates with payment processors like Stripe, adding another layer of financial tracking. 
  • Clearing has recently integrated with Turno to automate expense tracking for payments made to cleaners.

Keeping up with technological advancements, Clearing is also set to integrate generative AI, offering hosts the ability to interact with their financial data through simple prompts.

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Why Automate Your Bookkeeping Processes?

“Everyone loves automation and accuracy,” says Benjamin. There is a clear tendency to replace time-consuming manual tasks with a streamlined, error-free process. Software solutions, such as Clearing, offer a hands-off approach to generating owner statements, processing payments, documents required for tax purposes, and conducting monthly financial reviews.

Beyond the general allure of automation, managing expenses in the short-term rental business can be particularly daunting. Benjamin encourages investing in guest experience while your software ensures that every dollar spent is accounted for via “just a one-click thing that is fully automated.” 

Connecting Clearing & Hospitable

The integration of Hospitable with Clearing is nothing short of a game-changer for vacation rental hosts. Benjamin underlines, “All their bookings, their finances related to each booking, and all their listings are just auto-populated from Hospitable.”

This seamless synchronization ensures that every new booking or update is instantly reflected in Clearing, bringing together the critical aspects of your business under one roof. Speed and ease of use are the main advantages that Benjamin points out, “It really takes a few minutes to integrate.” 

Get more details and future predictions from Benjamin — Clearing’s automated bookkeeping mastermind. Play the full Hospitable Hosts episode now! 

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